Iron ore butts ceiling again

David Llewellyn-Smith

Tuesday 9 September 2025

The ferrous complex is very confused as steel prices tumble while iron ore breaks out.

The data flow ranges from soft to weak.

The latest CISA data for the end of August cratered 8%. Inventories fell 4% so the equilibrium is in the middle.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.